Egg - Loan or Credit?

gumby

I have an Egg credit card at it's limit, and I had some frequent missed payments. Egg told me they will not be renewing my account (fair enough).
I have now got back on track, and for now am making the minimum payments (balance is about £1500 below the limit).
I have got some independant financial advise, and was advised to try and get the credit card debt transferred to a loan (fixed payments, manageable etc). I wrote to Egg loans and asked them to consider transferring the credit card debt to a loan, but was refused.
Now, my concern is this, I got a credit report, and it advises that this account has been settled. If I was applying for a mortgage, how would I approach the broker about this debt? Is it still a credit card debt, even though it shows as settled? Does the debt actually exist according to my credit report?
Also, as the account is not renewed, why won't they transfer the credit to loan? I've proven affordability to them.
Any advice would be appreciated. Thanks.

Moggles_2

Welcome to MSE!

As the [Egg] account is not renewed, why won't they transfer the credit to a loan?

Sorry, only Egg knows the answer, but those frequent missed payments won't have done you any favours.

I got a credit report and it advises that this account has been settled.

Is the balance on the account showing? Is your current payment history being reported?

If so, the significance of all the missed payments diminishes as they recede into the background. Each slip up disappears from view after 36 months in the case of Experian, 48 months with Equifax

gumby

Well, the report shows I was 2 months in arrears at worst.
No payments are showing since June when it shows as settled / satisfied. Current Balance shows as £0. This is what is confusing me.

Moggles_2

gumby wrote: »

Well, the report shows I was 2 months in arrears at worst. No payments are showing since June when it shows as settled / satisfied. Current Balance shows as £0. This is what is confusing me.

In that case, the negative data will stay on file for 6 years. There's nothing you can do about this. You cannot insist that Egg reports your recent payment history to all three credit reference agencies. The decision rests with the lender.

May I ask whether you have other credit facilities? The above will matter less 12 months down the line, if you've built a good credit history elsewhere.

It's your payment history with all your creditors over the last 6 years that counts, with particular emphasis on the most recent 12 months.

gumby

Thanks for the advice.
I've viewed my Equifax report, which is where I am seeing the settled information.
I have other credit facilities which have suffered a little bit (got myself into a financial mess!!!), but these are all now back on track.